TUCSON, AZ (February 7, 2025) — Allan Mendelsberg and Joey Martinez, multifamily specialists, recently closed on three multifamily sales for an aggregate value of $3,172,000.
Closest To The Pin Investments, LLC of Tucson purchased Adelaide Apartments, a 13-unit apartment complex located at 1508 E. Adelaide St., in Tucson, from Hostetler Properties, LLC of Tucson.
Built in 1960, the 9,550-square-foot complex was purchased from Hostetler Properties, LLC, for $1,520,000 ($116,923 per unit). The complex consists of three triplexes (2,340 square feet each) and one Fourplex (3,220 square feet), with a mix of two-bedroom / one-bath units (750 square feet each) and three-bedroom / one-bath units (1,000 square feet each). Property amenities include a pool, laundry room, courtyard, and picnic area.
The transaction closed on January 27, 2025.
Both parties were represented by Allan Mendelsberg and Joey Martinez, Principals and multifamily specialists with Cushman & Wakefield | PICOR.
To learn more, subscribers should refer to RED Comp #11733.
In a second transaction, 430 E 6th St Apts, LLC of Tucson purchased Sixth Street Apartments, a 5-unit apartment complex at 430 E 6th Street in Tucson, from PWS Properties, LLC of Tucson. The property sold for $727,000 ($145,400 per unit) and closed on January 31, 2025.
Built in 1941, the 5-unit residence has 2,330 rentable square feet and includes two two-bedroom/one-bath units, two one-bedroom/one-bath units, and one spacious studio. In addition to its prime location, the property offers fully renovated units, making it a standout choice for investors.
Perfectly located near the University of Arizona and Downtown Tucson, 6th St. Apartments presents an exceptional investment opportunity. This impressive property features masonry construction and a low-maintenance landscape. In addition to its prime location, the property includes fully renovated units, making it a standout choice for investors.
Each unit has been thoughtfully updated to provide a comfortable and modern living space. Renovations include dual-pane windows, shaker cabinets, quartz countertops, and stainless-steel kitchen appliances. Despite the compact layouts, the open floor plans maximize functionality and flow. Bathrooms have been upgraded with marble showers, new sinks, cabinets, and toilets. Additional updates include fresh paint and vinyl flooring, offering a clean and contemporary aesthetic. This property is designed for ease of management. All utilities are master
metered and currently paid by the owner but can be billed back to tenants using a small RUBS fee, promoting eco-friendly usage. Residents also benefit from convenient amenities like air conditioning, in-unit washers/dryers, and a covered patio space with turf. The property’s exterior has also been enhanced with a recently improved roof and landscaping, including turf and shaded patio areas, further highlighting its low-maintenance needs for future investors.
The location offers access to the University of Arizona—Tucson’s leading employer—and meets the high demand for student housing in the area. Perfectly positioned for students, faculty, and young professionals, 6th St. Apartments provides an easy commute to campus and is within walking distance of downtown Tucson’s vibrant entertainment, dining, and cultural attractions. With its prime location, modern upgrades, and low-maintenance design, this turnkey property offers substantial long-term investment potential.
Both parties were represented by Allan Mendelsberg and Joey Martinez, Principals and multifamily specialists with Cushman & Wakefield | PICOR.
To learn more, subscribers should refer to RED Comps #11742.
In the third transaction, 220 Fort Lowell of Newport Beach, CA, bought the Cottages at Fort Lowell at 220 E Fort Lowell in Tucson for $925,000 ($77,083 per unit). The transaction closed on January 24, 2025.
The Cottages at Fort Lowell is an attractive value-add collection of 13 apartment rentals. The Cottages consist of one studio, ten one-bedroom/one-bath units, and one spacious three-bedroom/one-bath unit. The complex has had some units recently upgraded, offering enhanced finishes. With a diverse unit mix and tenant-friendly location, investors can take advantage of this value-add opportunity that allows for long-term potential rent growth through additional renovations.
Each unit’s open layout offers a foundation for continued tenant-friendly interior renovations. Units currently feature partially upgraded finishes, modern paint, and tile flooring. With further upgrades, investors can achieve higher rents, enhancing overall property returns. Additionally, tenants cover their electricity and gas expenses, while a RUBS program shifts water, sewer, and trash costs back to tenants, lowering operating expenses.
While operationally sound, The Cottages at Fort Lowell remains a strong value-add opportunity with room for further upgrades, including the potential to install HVAC, which could support higher lease rates. The property’s exterior has additional value-added potential. Some tenants enjoy private, covered parking spaces, and ample parking is available for residents and guests. Minimal landscaping features low-maintenance desert plants that help keep expenses low.
Located near the Tucson Mall, The Cottages at Fort Lowell provide convenient access to shopping, dining, and entertainment options. This high retail landscape not only enriches the lifestyle of residents but also offers employment opportunities close to the community. With its investment potential, modern finishes, and prime location, Roger Apartments offers a promising opportunity for investors.
Both parties were represented by Allan Mendelsberg and Joey Martinez, Principals and multifamily specialists with Cushman & Wakefield | PICOR.
To learn more, subscribers should refer to RED Comp #11731.
TUCSON, AZ (February 11, 2025) — Tucson-based Mister Car Wash purchased the 23,550-square-foot at 4646 N. Oracle Rd. in Tucson from Oracle Partners LLC for $3,250,000 ($138 PSF). 
TUCSON, AZ (February 7, 2025) — The 72,000-square-foot office flex building at 3360 E Hemisphere Loop in Tucson at Tucson International Business Center sold for $13,704,000 ($190 PSF) in an investment sale on January 17, 2025.